Review of Bitcoin cloud mining service Genesis Mining
"Should I invest in cloud mining?" Is probably all other Bitcoin questions I get. I've talked a lot about Bitcoin investments in the past and one of the things I always tell people who ask me about cloud mining is that I think that 99,99% of companies offering cloud mining , probably is fraud.
That means they do not actually have my Bitcoins with the money you give them. They only use your money to pay other users until the owners run out of money and disappear. However, there are 0,01% of companies that actually run mining and my Bitcoins for you, and Genesis Mining is one of them.
Founded in 2013, Genesis Mining currently owns mining farms located in America, Europe and Asia. However, the exact locations are not known to the public due to security reasons. Genesis has a publicly-known mining company, set up in Iceland, and miners at the farm can remind Bitcoin, Ethereum, Zcash, Litecoin, Monero and Dash. Check out a picture of the farm in Iceland!
Understand: Genesis Mining is definitely one of the most famous cloud mining companies, and it's not a scam. The only two cloud mining companies we are willing to write about are Hashing24 and GM. Genesis Mining is one of the oldest Bitcoin companies around, and it is undoubtedly the largest and most popular cloud minerals supplier for Bitcoin, Ethereum and other coins, and it has even been registered with the SEC for a Bitcoin mining operation.
Note: This does not mean that Genesis Mining is profitable. But that means that Genesis Mining honestly provides the services it offers.
It is important to note that these mining contracts are lifetime contracts. This means they do not have a maturity and you will continue to recall and receive payments as long as the contract is profitable.
How Does Genesis Mining Work?
According to their website, Genesis Mining is a safe and easy way to buy hash power without having to cope with the complex hardware and software setup. This means that, instead of spending thousands of dollars on Bitcoin mining, you can pay someone to rent their hardware and keep the profits to yourself because the company that supplies the miners takes care of the maintenance and all the trouble with to set them up.
Genesis Mining specializes in building the most reliable and efficient mining companies that they offer for renting to their customers and they are charged for their service. To start mining, all you have to do is create an account with them. After signing up, you must fund your account via Bitcoin, credit card, PayPal or bank transfer. Then you choose the mining plan that suits you best.
Pricing There are several startup fees you must pay depending on the contract level you wish to participate in:
For beginners you can start with a 100 GH / s (Gold) lifetime Bitcoin mining contract that will help you understand how cloud mining works and what profitability can be.
It will cost you $ 19. If it turns out to be small, try the 2000 GH / s (Platinum) lifetime Bitcoin mining contract.
It costs you $ 340. The third and largest contract is the 10.000 GH / s (Diamond) Lifetime Bitcoin Mining Contract. It costs you $ 1.600.
Which coins can be extracted?
There are several coins available for mining with the Genesis mining platform, and they fall into different contracts, as follows:
For X11 contracts you can get my following coins: Bitcoin, Namecoin, Startcoin, Peercoin, Dash, Dogecoin and Litecoin. For SHA-256 contracts you can get my following coins: Bitcoin, Darkcoin, Zetacoin, Dash and Litecoin. Profitability Of course, it's not sensible to buy contracts from Genesis Mining if it's not profitable for you.
With that in mind, let's analyze the profitability of the various contracts mentioned in the previous section, ie. X11 and SHA-256.
Note: The factors that make a contract profitable or not change constantly, for example, each coin's price, hash rate and network values are changed every day. X11: You can expect payments on 0,027mBTC per. 1MH / s per. Day with a price of 13,6mBTC per. 1MH / s, which means you can break right after approx. 500 days.
SHA-256: With SHA-256, payments are paid on 0,37mBTC per. 1 / s per. Day, while a price of 0,25 BTC per. 1 / s, which means that the break-even point must be approx. after 670 days. It is important to note that for lifetime contracts a small maintenance fee is deducted (as long as they are profitable).
Who is the creator of the Genesis Mining Website?
Genesis Mining website was founded in 2013 by Marco Streng.
At that time, Streng was only 23 years old and on course to become a mathematician, but he fell out of college to create his own niche in a rapidly growing cryptocurrency industry. He gathered with two other individuals, Jakov Dolic and Stephan Schindler, and together they have created a company with a global stab base of over 100 people and attract over 300.000 users daily.
Marco said in an interview with Forbes that the reason for establishing a mining agency for bitcoin was his observation of the lack of credible platforms in the market for altars. Through the years and with additions like the Genesis Mining scam-free Bitcoin system, the company has continued to grow rapidly in a fast-moving industry.
Strong together with his two co-workers is a true businessman, and the fact that Forbes published a full-length article about him tells a lot about the legitimacy of the Genesis mining system. He is an actual person, not an alias or a paid actor.
There are so many profiles of him in authentic articles and magazines, and his story actually controls all of them.
Genesis Mining App-Main Advantages
Enesis mining software is one of the very few cloud mining companies that actually do what they say they do.
There are some benefits that make them stand out of the crowd.
Saves you time:
Genesis Mining scam less system also saves you a lot of time because there is no need to create rich from the bottom. Just sign up and start shopping right away.
Saves you money:
If you want to create a mine, you must know that a major investment is required for mining. For occasional maintenance is also required on your rigs. The problem is that all of these cost money. With Genesis mining, your rich has already been created for you, which means that this original price is deleted.
Freedom and flexibility:
This freedom lies in your ability to trade between multiple coins and currencies and earn a profit from them. You can easily allocate hash power to different currencies using Genesis Mining review software and feel more confident that your income will flow from multiple streams.
Genesis Mining Robot is Easy and Convenient With the Genesis Mining Cloud App, online mining does not include all the hot and high sound to establish a mine. Voltage and maintenance problems are also completely erased.
Lifetime Contract:
The idea that it's a lifetime contract also makes it very lucrative because with values and prices increasing every day, you can be sure of a very good future using the Genesis Mining app. Only an investment and you can earn profits for the rest of your life.
In what way is Genesis Mining different than other Cloud Mining Providers?
As mentioned earlier, Genesis Mining is the largest and most popular cloud mining provider, and it has made mining an easy and pleasant experience.
A significant investment in mining is necessary for any mining worker. But you do not have to go through the trouble of creating hardware or maintenance of mining if you shoot me with Genesis Mining. Remember that with Genesis Mining you are mining online.
This means that you do not have to handle high rigs that produce a lot of heat. Another thing worth noting is that there are also no minebassin fees. The fact that you can decide which coins you want to remember with the purchased hashpower is the only factor that really stands out.
Thanks to this feature, you can split your total hashpower into different coins. It is clear that GM aims to provide both the big investor and the average mining worker
There have been serious concerns about whether Genesis Mining is a legit or a scam. But after research, it's clear that the Genesis mining program is right and it works. It is important to note that this does not mean that Genesis Mining is profitable. This means that Genesis Mining honestly provides the services it offers.